Popular crypto analyst Rekt Capital pointed out that a classic Bitcoin bull market will happen again in his latest posts on Twitter, stating that historical patterns are repeated! Here are the details..
Rekt Capital announced critical levels for Bitcoin: “1 Week left!”
Rekt Capital, one of the leading Bitcoin analysts in the crypto money market, pointed to an important monthly closing for the leading cryptocurrency Bitcoin in its shares on Twitter. According to the analyst, preliminary analysis shows that there is one week left before a new macro uptrend starts. However, the leading cryptocurrency Bitcoin seems to be firmly on its way out of the bear market, despite encountering issues that turned $28,000 for support.
On the other hand, Rekt Capital offered an optimistic picture of how BTC will likely end the bear market. The BTC/USD pair’s recent gains have pushed it above the macro downtrend since all-time highs in 2021, but the March close will be the first potential candle to complete above this trendline on monthly timeframes. The famous analyst quoted the following words in his Twitter statement:
Next Saturday, BTC Monthly Candle will have closed above the macro downtrend to confirm a new Bull Market
Pointing to the accompanying chart in his analysis, the expert compared the price behavior of 2023 to that of previous cycles, implying that Bitcoin is currently heading towards all-time highs after setting a bear market bottom.
In another post, Rekt Capital reiterated that when it comes to exits from macro downtrends, the current monthly candle fits Bitcoin’s historical patterns, saying, “BTC, note how Macro Downtrend breakout candles have historically formed inverse wicks (yellow circles) This current Monthly the breakout candle doesn’t look any different.”
Bitcoin could not pass 28 thousand dollars as the weekly close approaches
On the other hand, Bitcoin spot price action is being followed with interest by market participants as the weekend comes to an end. His behavior, which mostly trades sideways, has seen little change, with the first notable event to surge over $28,000 in a matter of days. However, momentarily, BTC/USD is below this level again, as data from TradingView shows.
While commenting on the subject, popular cryptocurrency analyst Skew argued that stock market behavior is characteristic of weekends, where generally low liquidity tends to move the spot price more easily.
On the other hand, analyst Crypto Chase, which analyzes potential scenarios, emphasized the breakout level of $ 28,600, while marking $ 33 thousand as the point where a “big reversal” will take place.
As reported by Kriptokoin.com, the leading cryptocurrency has gained 0.8% in the last 24 hours. Instantly, the leading crypto Bitcoin (BTC) is trading at $ 27,884.91.
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